XBRL filings
XBRL is a language for the electronic communication of business and financial data that has revolutionized business reporting around the world. Its major benefits include ease in preparation, analysis and communication of business information by the corporates. It offers cost savings, greater efficiency, improved accuracy as well as reliability to all those involved in supplying or using financial data.
With increased coverage, it is hoped that the XBRL data thus collected would significantly enhance the Ministry’s capabilities in policy formulation and regulatory functions for advantage of corporates as well as public and investors at large.
XBRL reporting should be as per provisions of the act otherwise such non compliance of these provisions may lead to rejection of application which waste of time & money that’s why experienced professional guidance required.
We, Compliance Hands,a team of more than 50 qualified professionals like CA, CS, Advocates etc, having experience of more than 5 years of handling task like this and have completed more than 2000 projects. We ensure are the all the compliance in the best way.
Applicability of XBRL filing:
Below mentioned class of companies shall file their financial statements and other documents under section 137 of the Companies Act, 2013 with the Registrar in e-form AOC-4 XBRL:
1. All public companies listed in a stock exchange in India and their Indian subsidiaries.
2. All companies with a turnover of Rs 100 crores or more
3. All companies with a paid up capital of Rs 5 crores or more
(other than banking companies, insurance companies, power companies and NBFCs),
List of Documents required for XBRL filings:
1. Financial Statement including Balance Sheet, Profit & Loss Account, Cash Flow Statement, Schedules related to Balance Sheet and Profit & Loss Statement, Notes to Accounts (In excel)
2. Significant Accounting Policies (In Word)
3. Audit Report including report on CARO (In Word)
4. Directors’ Report (In Word)
5. MGT-9 (In Excel)
6. AOC-1, AOC-2, Secretarial Audit Report (In Word)
7. Corporate Governance Report (In Word)
8. Complete Annual Report (In Word)
Penalty Provisions :
Company: Fine 1,000.00 for everyday till default continue but max. 10,00,000.00
Directors: Fine Min. 1 Lakhs to Max. 5 Lakhs – OR – Imprisonment – Max. 6 months
CFO : Same as in the case of Directors
Authorised Director : Same as in the case of Directors
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